- ETH posted a 6.63% gain over the last 24 hours, taking its price down to $1,123.82.
- The current market cap of ETH is around $135.83 billion.
- If ETH is unable to break above the resistance level at $1,126, ETH’s price may drop down to the nearest resistance.
The second-biggest cryptocurrency by market cap, Ethereum (ETH), registered a relatively decent gain in the last 24 hours according to CoinMarketCap.
At the time of writing, the price of ETH is around $1,123.82 – a 6.63% gain over the last 24 hours. However, the price of ETH is still down over the last 7 days. This leaves its market cap at around $135.83 billion, ranking it beneath Bitcoin (BTC) with its market cap of $391.16 billion and above Tether (USDT) with its market cap of $67.85 billion.
The 4-hour chart for ETH/USDT shows how the price of ETH climbed from the chart low of just under $920 to $1,160 before declining below the 0.786 level of the Fib Retracement drawn from the $1,157 level. This is also a key level on the 4-hour chart.
The current 4-hour candle had dropped below the 0.618 level and into the 0.5 level of the Fib Retracement. At the moment, it looks as if the 9 and 20 EMA lines are acting as a small support level for ETH’s price.
Zooming in, the 9 and 20 EMA lines reveal that the 9 EMA line has just crossed above the 20 EMA line – a short-term bullish flag.
Given the current level in the Fib Retracement drawn from the $1,157 level, and the 9 EMA crossing above the 20 EMA, it’s fair to say that the price of ETH may continue to rise. However, the resistance level at $1,126 may be able to hold out and keep the price down. If this is the case, ETH’s price could drop to the nearest support level at $1,050.
Investors and traders may look at what the price does at the $0.618 level drawn on the chart as an indication of what may happen next.
